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? fewer still want to be loved with all the deficit. lou: it's going to have to mean cutting the federal budget.the x >> even if we increase the taxr, rates, as you noted, the top 1%y in this country, 17% of the 37 income is what they make. they pay 7% 37% of the taxes.oug lou: give us your last thought here.ith the >> mr. president, please, please we work with the businessyou' putti community. we want you to succeed. but you are puttingy animpedims in a way to make it impossible. we want you to succeed. work with us. >> i don't expect the republicans to love our budget. compromise is hard. we are going to have to compromise. lou: no spending cuts, what is the deal? that is tonight's "chalk talk" people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i wasaving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera sh
there will also be a drag on the american economy if our budget deficit widens out forever, if we're irresponsible and governor doesn't work. left with those four choices, think think -- on the flip side, did republicans ask you to spend any nuts -- i think at this point both sides have acknowledged that there's going to be revenue concessions and entertainment concessions. in fact, if you listen to, it again, i'm not a master of the political art here, i'm in washington but i would say if you had these points of views in a business context, as close as they are, i would say a deal would be in reach. >> you see some fundamental level of optimism from lloyd blankfine but a long way to go with the combination of prief pressure and public pressure, like the president is going to exert before we actually go to the flight of fired. i asked the treasury secretary should the president return to wall street. he it must be someone who understands markets, marry. >> me have 33 days to -- head of all pi he told john harwood. marge i will hates have to go up somewhat. he said that's going to put a drag on the
income is going down. who is better prepared to help us with with deficit reduction? struggling working people or people on top doing well? >> that was answered on november 6th. the proposals will be coming in next week. what changes would you be willing to make to medicare because the republicans, you heard mitch mcconnell, you have to have entitlement reform to the republicans is cuts. that's what their entitlement reform is. would you do anything to medicare at all? >> sure. look, ed, what has to be understood is are we not only the country that doesn't care to all people, we pay by far much more per capita for health care than does any other nation. it's a wasteful system. for example, in terms of medicare, republicans demanded as part of medicare part d that the medicare could not negotiate drug prices with the pharmaceutical industry. the v.a. does that. why isn't medicare doing that? furthermore, if we develop efficiencies that save the system money, let's do it. but let us not cut benefits for the elderly or for the poor who are on medicaid. >> finally, senator, are you willing
's translate that. according to the congressional budget office, falling off the cliff would cut the deficit but stop economic recovery in its tracks. now presidents in both parties usually try to put money in people's pocketses to stimulate the economy. president bush sent taxpayers a refund check while obama has cut payroll taxes. p falling off the cliff is a reversal of that approach. that's why the cbo estimates economic growth would drop under 1% to just .5%. and unemployment could jump over a point to 9.1%. heather, we know the costs, we understand this game because the republicans have been playing it for a while. do you think anything has shifted post-election in way that will actually get a deal done? >> i think what's really come to roost for conservatives has been the fact they were pushing a vision for our economy that included basically just this, except for the tax increases, right. they said starting in 2010, the deficit is the most important thing, it's the most important thing, and now, they're basically faced with immediate deficit reduction and realize, oh, this is actuall
reduce the deficit. it doesn't make a lot of sense to get rid of a deficit reduction program, as part of a deficit reduction deal. the white house already rejected boehner's idea. obama care will not be part of debt negotiations. boehner is up to something here, don't you think? something else, that is. if you watch john boehner closely over the last two weeks, you can see him laying the ground work for the latest ploy. he called obama care the law of the land, but also tried to link it to obama care and the budget. >> you had said, next year, that you would repeal the health care vote. that's still your mission? >> well, i think the election changes that. it's pretty clear that the president was re-elected. obama care is the law of the land. i think there are parts of the health care law that are going to be very difficult to implement. and very expensive. and at a time where we're trying to find a way to create a path toward a balanced budget, everything has to be on the table. >> but you won't be spending the time next year, trying to repeal obama care? >> there are certainly may b
to hammer out a deal on the greek deficit. prime minister says they're cle. politicians are considering a debt forgiveness program but could see talso reaching agreement on a framework for the planned eurozone banking union. speaking to the ft, the eu internal markets commissioner said ministers must meet a december deadline in order to placate financial markets. and this as in spain voters in cat take loan i can't giving a victory to the separatist party, but the region's president lost ground. so what does it mean for the push for independence and the deficit reduction plans? julia is in barcelona for us. what does it all mean? >> it's being seen as broadly positive because it weekens his push for independence in the region right now. but the overriding message is that two thirds of the people that voted here voted for pro nationalist or separationist parties here. and this is a sentiment that's been growing over a number of years. and the president has to try to align himselves with other parties bearing two key facts, where does he take the push for a referendum, how does that influ
, michelle, why is this such a crisis? we're going to have about $.5 trillion in deficits in 2013. is that a crisis? for god's sake, we're finally doing something to address our debt and deficits. that should be great news. i'll tell you why gold might be down today. why is the market rallying when gold, oil, and copper are down? the only tentity borrowing all this money is the government. that's why gold is going down. guess what? don't worry about it. they're going to punt on this like they have every other time. >> are you as pessimistic? are they going to punt? what do you do? >> in the short-term, you have to be careful. these are unknowable things. it's a very fluid situation, as you identified. somebody gives us some happy talk. this market goes straight up. i think gold is giving perhaps a false signal there won't be qe-4. i believe there will be. it's just a matter of time. this is going to take time to implement. we're not going to put all these changes in place january 1. there's no grand bargain out there that's going to cover all these things at once. it's going to be
" and he joins me now. thanks for being with us now. we appreciate it. you compare the deficit to an insurance policy. you say it doesn't make you any richer in the short-term, but in the long-term, it is helpful. i want to actually put your statements up. you say let's agree to keep deficits very high for at least another year. and then let's buy an insurance policy against that debt crisis when we can really afford it. so lots of republicans and democrats out there would disagree greatly with you. say that america's ability to pay its debt is really important. how would you respond to them? >> right. i do think that there's a thing that's taken place in washington deficit reduction will stimulate us to enormous growth in 2013. the fact is what deficit reduction is, is tax increases and spending cuts, both of which take economic activity out of the economy. so this really is extremely similar to insurance. if i buy, say, flood insurance. what i'm doing is i'm paying a short premium in the short-term, to protect my house in the long-term. that's exactly what deficit reduction i
it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerned about the norquist pledge. senator john mccain said fewer and fewer people are signing this "pledge." it's actually a pledge, but any way. senator coburn called it "a tortured vision of tax purity." and it did you want end there in that article. bill crystal said this. >> let's have a serious debate. don't scream and yell when one person says, it won't kill the country if we raise taxes on millionaires. i don't understand why republicans don't take obama's offer. >> a calmist at the national review wrote, as a matter of
're saying is we don't want to cut the deficit too fast. now when it comes to the fiscal deficit -- >> i want to transition you to the other hot topic that we've been following. it's senator john mccain and his stance or lack thereof now against ambassador susan rice. let me play what he said earlier. i believe it was november 14th and his new line of words, i guess, regarding her possible nomination for secretary of state. let me play it back to back. >> we will do whatever's necessary to block the nomination that's within our power as far as susan rice is concerned. >> she could conceivably get your voros for secretary of state? >> i think she deserves the ability and opportunity to explain herself and her position. >> lois, what's the scoop there there and what's behind this change? >> i think that john mccain is a very, very smart politician, and, you know, a smart politician doesn't want to box in the opponent like he tried to do with president clinton so that president clinton runs out and nominates her. i think everybody needed to kind of cool off a little bit and if he backs off, the
had a huge deficit with african-american voters, hispanic voters and women voters, so i think these potential candidates are trying to map it out. >> david corn, when george w. bush ran, he got such a quick surge in the polls that no one was able to stop him. is jeb bush that guy this time? is he the one that if he makes it clear he's running, others will decide not to? >> you know, i still wonder if two words come to mind. too soon. i mean, the george w. bush presidency is still not held in high esteem amongst many voters who still blame bush for the economic downturn at the end of his administration that has carried us to this day. jeb bush has the ability to talk to hispanic, more moderate, but i also wonder if you know, people will be a little tired of the bush dynasty come to 2016. >> well, they're too tired of it now, but 2016 is a few years away. thank you both for joining me tonight. >>> coming up, good news r for democrats trying to keep control of the senate in 2014 and one republican whose strategy for dealing with latino voters is to completely give up on them. tha
senator pat toomey from pennsylvania. he was a member of the deficit reduction super committee last year that failed to agree on a plan. but he's been talking about this issue for a long, long time. good morning, senator. >> good morning. >> we just learned that president obama will be traveling to your backyard on friday to talk about the fiscal cliff and spending, and traveling to pennsylvania right now. is this a welcome visit as far as you're earned? >> as far as i'm concerned the president of the united states is always welcome in my state of pennsylvania. we welcome the president and look forward to his message, and i have some questions i'd like to-ish i hope he addresses. >> what questions? >> first of all the president seems absolutely determined to inflict a tax increase on the american people. two years ago he signed a bill that extended the current tax rates for two more years because he said the last thing you want to do is raise taxes in a weak economy. today the economy is weaker than it was two years ago. why in the world does he want to inflict that damage now? >> senato
over the next ten years. that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in hi
. >> in the wake of the 2008 financial crisis, the size of the federal budget deficit has received a lot of attention. but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing income, and public pension obligations are drastically underfunded. as we reported in december 2010, some believe a day of reckoning is at hand for many states that could require another big bailout package. >> the most alarming thing about the state issue is the level of complacency. >> meredith whitney is one of the most respected financial analysts on wall street. she made her reputation by warning that the big banks were in big trouble long before the 2008 collapse. now she's warning about a financial meltdown in state and local governments. >> it has tentacles as wide as anything i've seen. i think, next to housing, this is the single most important issue in the united states and certainly the largest threat to the u.s. economy. >> why aren't people paying
and your party come to this debate with big deficit because you and president bush and dick cheney lied this country into war and you had a lot of lies on foreign policy about wmds. president bush even said once in may 2003 that we found the wmds in iraq. dick cheney and condoleezza rice talked about links to al qaeda in iraq. you've never made up for those huge, serious, significant lies in the arena of foreign policy. and now you're picking apart, you know, basically the very early and ultimately not misleading with regard to foreign policy decisions, statements that this diplomat made. >> one thing we're learning right now the meeting with ambassador rice and senator corker is happening as we speak so a little earlier than that noontime appointment. but the one thing we heard also from senator barrasso in the last hour was john considerry's name floated out and it would be easier for him to sail through. you had the opportunity to work with john kerry before. >> sure. >> when we hear about this, is that really what the game, as joy-ann said, this machiavellian game, basically let's g
is deficit is the biggest problem. here we are with the cliff, the curve, whatever you want to call it and what do we find out? even republicans are warning they don't want to go over the cliff because guess what? just cutting the deficit without any regard to the rest of our priorities is a bad idea. it happens to be the heart of republican economic policy and the other thing about never raising taxes, guess what? we don't have the gdp to seniors ratio than we did 20 years ago, so if we're going to be serious about an ageing population, it means you can't stick to these fantasies. >> i remember two years ago on the show, introducing him to the audience and explaining he's the most powerful republican in government and i had to do this long thing on who he is. and now, here he is in the center of this debate. let's listen to what the republicans are up against in the negotiations with the white house. jay carney indicated today what the president's stance is on income tax rates. >> i would say also that the president has made clear that he will not sign a bill that extends the bush
to be borrow and added to the deficit every year. naturally is part of the deficit-reduction discussions. the group supporting the attack site include state highway officials, road builders, trucking associations, the simpson-bowles planner it proposed raising the tax as well. there's other tax in the fiscal cliff and possible gas tax is not the only tax to hit the bottom line. deal or no deal, hold on to yo wallet. here with more, the senior tax policy analyst for the heritage foundation. always nice to have you on the show. let's talk about the bottom line for so many people out there, willit so many folks, % of households, almost impossible to escape and create that. >> everyone's taxes will go up on january 1st. important to point out we're talking about today which is raising taxes. that is off point. the fiscal cliff is here because we're spending tooomuch. we are the precedents of the debt crisis because we're spending too much. how we can raise tes and talk about raising the gas tax, nothing to do with cutting spending which is where we should be directing our attention. gerri: i
. >> people themselves are internally gridlocked. we hear from people cut the deficit, expand medicare. we get a very inconsistent set of messages from them. no, i don't feel guilty at all, and i don't feel badly. i think -- i find there's a great commitment to solving the problem, but it gets to the specifics. i was in city hall in boston 44 years ago complaining about people who wanted a swimming pool in a neighborhood and they complaining because the dump trucks were coming in and out digging out the swimming pool and it was bothering them, and i complained to an old security council. he said, hey, kid, ain't you heard the muse? everybody wants to go to heaven, but nobody wants to die. i think that's what i get from too many of constituents. they want us to cut the deficit, but don't raise my taxes and don't cut this and don't cut that and expand this and expand that. we do our best, and i'm not troubled by our inability to do what some of the them want us to do, which is impossible. >> i'm a little troubled sometimes by the thoughtlessness of some people who are quick to criticize anybody
we're running unsustainable deficits and not dealing with our problem. that's exactly what the -- what the speaker is trying to get at. in terms of this issue, again, look, these are all people i like. these are people i agree with philosophically. i also want to do a good deal for the american taxpayer, including 98% of them. if we can take care of their issue -- i think we'll win the debate. i think they agree with us fundamentally that increases in taxes on anybody cost jobs. that's not good. but as long as it's owe their head their taxes might go up, i think they don't really have time to focus on that debate. again, i just think we ought to take that off. we agree with the president on that. but i respect the speaker. i suspect the spepport the spea >> we'll watch how this plays out. >>> joining me is democratic, barbara boxer wrote in politico today. we're looking there at a picture of, senator, of tip o'neill and reagan signing the bill. >> yes. >> on social security reform. you spoke about an earlier issue in your piece today about how they got together in '82, the
people really care that much about the deficit. they certainly didn't vote as if they did. when it comes to these entitlement programs, no matter what your party is and whether you agree with paul ryan or not, he did put bold initiatives to try to bring these costs down and people rejected it. i thk we took a step back in the last election in terms of fixing the programs. >> having said that, a lot of people say i paid into social security and i deserve that. i don't see how medicaid can hold out. i think that's going to collapse a lot sooner than any economist we be forecast. >> there's a good reason why i agree with you. that may be the fastest entitlement program. here is the reason why. not because it's bankrupting washington, because they have been for 15 years. the reason is because it's bankrupting the state. states pay about 40% of the cost and every governor that i talk to, they say that we can't afford this anymore. it is becoming the top of our budget. i agree with you. that could be the program that we fix first. charles: predent obama is in and more people want out. tens of
to a spectrum of use. what we are telling washington, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like th. >> you don't think it can walk past the graveyard mh longer? >> i don't think so. i don't think we can whistle the tune very much longer. >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: david, thank you so much. the president is now speaking out. that coming up next before copd... i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function star
dick durbin says medicare and medicaid are fair game in deficit negotiations, but insist social security should be left alone. >> social security does not add one penny to our debt, not a penny. it's a separate funded operation, and we can do things, and i believe we should now, smaller things, played out over the long term that gives it solvency. medicare is another story. only 12 years of solvency lie ahead if we do nothing. so those who say don't touch it, don't change it are ignoring the obvious. >> despite showing willingness for reform -- >> can we talk about that for a second? >> i don't want to repeat what you said. >> it's bull hockey. >> that's not what you said. >> this whole thing has been a complete farce for years. there's no trust fund. they raided that a long time ago. but the bigger point, i will because you know what? my heart has grown like the grinch's since thanksgiving. i have so much to be thankful for. >> it's been growing ever since election day, basically. >> so i'm going to be kind. first of all, senator durbin deserves respect on this front because he
and economic impact and we're concerned about that. but when we're dealing with the debt and deficit, no matter what we do, in terms of raising taxes or cutting spending, it has a negative impact but we're running a 40% deficit year in and year out. we have to long term get that better aligned. >>> you're going to get the question, does congress know where the deal is going to come on fiscal cliff ultimately and this is all just posturing? you really don't? >> absolutely not. look, we've been dealing with this for a long time and for every dollar in tacks that you're willing to spend, how do you cure that appetite in an instance? we have hard work ahead of us, no question. >> the rebel group known as m-23 took over a major city. they have plans to move on the capital. it's part of a very bloody, bloody regional war. it's seen atrocity on both sides. it's cost millions of lives. you've been very vocal about it. what should the u.s. be doing here? >> this is the greatest humanitarian crisis that nobody has ever heard of. somewhere between 3 to 4 million people have been killed in the last few yea
to the united states. that is why we've had trillions of dollars in trade deficits with china. managers of the trade policy with china, democrats and republicans, i think are guilty of real political malpractice on a large scale. >> greta: what is the chinese viewpoint of what they're doing vis-a-vis north korea? >> almost any country, chinese goes back than our memory. because of the great war, many of the invasions of china have come by bypassing the great wall, along north korea. and... also, the japanese intend to conquer asiana started in korea. so china, korea is an extremely sensitive point. what i think the chinese would like best is an outcome would be a nonnuclear, peaceful, north korea. they would not want a unified korea because it would seem that the high-tech korea and yellow ribbon with modern weapons would resurrect his storeal cal threats in their minds. also for them, the korean war as the image they thought as a symbolic significance. they took on the united states when they were very weak and came out from their point of view, achieving their effectiveness. >> greta:
mattering about the fiscal cliff and the sky rocketing deficit, they don't know what they're talking about and they probably don't know it is wrong but you i am glad to know other people bring charts to thanksgiving dinner. >> we're preparing them so america can do that. awesome. thanks. >> have a great thanksgiving. >> you, too. you know what i am thankful for this thanksgiving? i am thankful elections, they have consequences. >> the time for bickering is over. the time for games has passed. now is the time to deliver on health care. >> have you read the bill? hell, no, you haven't. >> the supreme court has upheld president obama's health care law. >> the health care law. >> the signature achievement of barack obama's presidency. >> now they're trying to drag it into the negotiations over the fiscal cliff. >> we have a new message from congressman boehner. >> we can't afford it, we can't afford it and we can't afford to leave it in tact. that's not a new message. >> can you say it was done openly? >> that is not a new message. >> they have been defeated three times. >> we had an election.
. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here. what about entitlement changes? >> well, any time you start talking about tweaking these programs, there are groups in washington around the country that mobilize to try and stop cuts. the number two senate democrat, dick durbin, says he'd be open to look at entitlements, but not part of the fiscal cliff talks. here is the senate majority leader's view. >> at the meeting we had that i mentioned with president and the four leaders, president obama said that social security is not part of what is what we're going to do in this. i agree with him. and there are things that i personally believe there are thing
and deficit problem in a recession. we have big near-term problems and don't solve the long-term problems. gerri: 50,000 for every american taxpayer. it is pretty frightening. what would you like to hear from the president? he has made it clear it is my way or the highway. >> what he has to press s urgency to get this done and lay out a plan. he is the president of the united states. if we're going to talk about big bargains in solving the debt problem, all we have heard is the tax hikes. what arehey spending cuts would actually propose? that is something american people have to hea gerri: i want to hear about entitlement spending. please come back. have a great thanksgiving. the fiscal cliff mess is going take a bite out of your bottom line when a slew of higher taxes. those lucky enough to get a year-end bonus, now maybe the time to ask your employer to cut fat check. rich edson joins us from washington. >> the law says taxes are going up. trying to avert the full tax hike so we really don't know who will pay more or if anyone will pay more. one tax expert says a conservative tax play t
, but in the ultimate fiscal adjustment we'll have within the next few years where we shrink the federal deficit. but medicaid is the most cost effective part of our entire structure. if you're going to be cutting, cut in medicare, the exchange subsidies, medicaid is the last place to go to look for those dollars. >> the administration official after this op-ed from boehner told the huffington post, the president would oppose involving them in the negotiations. >> the aca reduces the deficit. so, i mean, if you look at the ten-year projections aca brings down overall costs. the subsidies and the medicaid expansion are costly, but there's also the savings in medicare and the new taxes that are going to be used to fund it. it actually on balance is deficit reducing. >> claudia, i'm curious, one of the things that's interesting, the single payer people and the conservative people, conservative opponents of aca and singer payer skeptics have similar critiques about cost control. you see mirror images, single payer people say no, single payer is the only way to get the cost control you want. i'm curi
large deficits, as well. so the politics in spain slightly skewed as they will be, but not so much pressure on rajoy at the moment. unlikely to ask for assistance in the short term. we also have another euro group meeting take, back in brussels, yes, i know, we seem to have one every week. they may come up with a long term financing deal for greece. finally talking about debt forgiveness in greece which is what we all know has got to happen. whether it can happen before the german elections in the fall next year is a mute point. anyway, that's where we stand. fairly down beat for equities and yields a little bit mixed. back to you. >> all right. thank you very much. let's get back to the fiscal cliff. we've been talking about the issues of taxes. as we mentioned, warren buffett calling for a minimum tax for the wealthy. he starts with suppose that an investor you admire and trust comes to you with an investment idea. this is a good one, he says, i'm in it and i think you should be, too. would your reply possibility be it all depends on what my tax rate will be on the gain you're sa
of the issue. >>> in global market news, japan logging its fourth straight trade deficit in october. the european debt crisis with china over a territorial dispute actually reduced exports. and we continue to follow the latest developments out of the middle east. secretary of state hillary clinton traveled to the west bank this morning to meet with palestinian president mahmoud abbas. abbas heads the west bank, while the palestinian militant group hamas controls the gaza strip. hamas is considered a terrorist organization by the united states because it continues to refuse to recognize israel as a state. the united states has a policy of not negotiating with terrorist organizations. that's why she's not speaking with anyone in gaza. her visit comes hours after a meeting with israeli officials that lasted late into the night. >>> let's take a look at the markets this morning. we already showed you the futures. they are down slightly. dow futures down by about 23 points. in europe this morning, you'll see that -- also, by the way, a lot happened yesterday. ben bernanke started talking
, here's a fact. the president has on the table a proposal that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> okay. welcome back to "morning joe." welcome back. christmas is coming. >> all right. >> can you believe it? >> yeah, the christmas tree. it's looking beautiful. harold ford jr. is still with us and co-founder of the no labels organization, market mckinnon, also with us, "fortune" magazine's leigh gallagher. mark, good to see you. jeff zucker. >> a struggling -- >> taking over cnn. >> looking to jz. >> jeff zucker to run the joint. >> that would be interesting. >> smart guy if see what happens. all right. well, good, good. so how is our republican party -- so mark mckinnon, it's been a very, very rough month for you as a republican. you haven't shaved since the election. >> ah. >> you're not -- >> looking very handsome. >> you're not brushing your hair. >> well. >> your scarves look a little out of touch with the rest of your outfit like this
international and irskin bowles are amongst those scheduled to attend. half the bowls simpson deficit planned and laid out own formula to save $2 trillion. it is clear republicans like his ideas which would generate $800 billion in revenue through tax reform. meanwhile so much tax reform about allowing the bush tax cuts to allow the wealthy tox expire cost $9.69 billion a day to run. estimated additional revenue from allowing the bush tax cuts to expire would generate an average of $82.4 billion a year. so the money saved would run the government for 8 and a half days, shep. >> shepard: mike emanuel live in our newsroom. warning from the white house tonight. it says americans who may do less holiday shopping this year because they are worried about possible tax hikes in january. if we do go off the cliff, the white house is predicting more serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $
've been working to develop a deficit reduction plan. let me just ask you how you feel right now. 11 days since the president's met with congressional leaders face-to-face, do you think there needs to be more meetings like that right now? >> well, i think the president is doing the right thing. he's got to make the case to congress and the american people. not only of the dire consequences if we go over the cliff, but actually the tremendous upside. and one of the things we don't focus on enough, if we get a real deal, the amount of private capital that will come off the sidelines, invest in this country, we look pretty darn good compared to the faltering economy in europe, the slowdown in china. you know, this could actually be the biggest job generator of anything that's been talked about recently. >> one thing i'm confused by and maybe concerned by also, though, is something that you know well. that the outlines of a deal are pretty clear. there are different options, there are choices, there are tweaks around the edge, but the outlines of the deal are there. and two weeks ago, everyon
. >> short-term what's on the table? >> what we need to put on the table in short-term is actual deficit reduction. we can do that through mandatory spending cuts in other areas. we can do it through the tax revenue that the president has called for. i think for instance, speaker of the house decided today to call the measure passed by the bipartisan senate to protect all families making $250,000 or less from any income tax increase december 31st, that would put enough revenue on the front end of this conversation to move us toward a solution. >> but so far i hear from you, in the short-term, no entitlements are on the table. >> only the medicare part of it, i want to be very careful. this means so much and we saw what a mess was made of it by paul ryan's budget, where the actual future of medicare was in doubt with his premium support plan. we don't want to go near that. we want to make sure that medicare, at the end of the day, is a program that is solvent, and we can count on it for generations 20 come. >> so if i'm a republican lawmaker watching this interview i'm saying, okay, he ba
, bring entitlement reform into the conversation. social security sed aside. doesn't add to the deficit. but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. >> congressman bill pascrell is a democrat from new jersey. thank you for talking with us. >> soledad, how are you this morning? >> i'm really well, thank you. i've had many, many days off. what are the democrats willing to give? you heard dick durbin there. tick off for me and be specific, what are democrats willing to give on in this negotiation? >> well, i think the senator's absolutely correct, we need to compromise. there's no question about that. and we will not, however, in any way, shape or form, jeopardize the planned benefits for social security. i mean that's kind of installed in the american people. we changed social security over the years in order to meet the demands that the program insists upon. we will do that. but we'll do that in a bipartisan fashion. >> okay, so compromise. social security is off the table. medicare, walk me through what a
to see them try different things. first of all, let's recognize the fact that we had the deficits right now as a result of obama's budget. that's $5.3 trillion. that's in his budget. he signed that. we have a lot of the programs that should be undone. give you an example, we had a democrat president back in the '90s, bill clinton, while we had a republican majority in the house and the senate. we did welfare reform. we put the work back into welfare and it was tremendously successful. we decreased the welfare rolls. now, obama's reversed that. now we have it's gone up, the food stamp program now gone up from 28 million families to 47 million. that's just one of the things that can be reversed, that got news this mess to start with. >> gretchen: but senator, why does it appear -- and obviously the election was a result of it -- why does it appear that president obama wins the pr campaign on this entire discussion? >> well, gretchen, i represent oklahoma. he hasn't won up there. >> gretchen: but he's winning it acrossment country. >> well, i know, he's a very persuasive person. that doesn
we need other than taxing the rich? >> we need a framework so you can look and see the deficit is coming down to near zero. that's what we need. >> where do we get the money on the spending side? >> well, first, on the taxes in addition to raising the tax rates, what we're going to start hearing much more about is the unbelievable tax gimmicks. i just want to say, but, joe, one thing about that, if i could. >> where is the spending coming from? >> i want to say one thing about that that's funny. go google and some of our other biggest companies have been hiding profits for years from the irs. with the irs' approval, putting it in bermuda and so forth. now europe is saying, because they use european con duets, okay, we'll tax that. no, that's money that should be taxed by the united states. stow if we continue our gimmicks we're going to lose it to europeans. >> so we have to raise rates and we have to cut loopholes. what about on the spending side? where do we get the money there? >> we're going to have to get defense under control and spend these wasteful wars have added trill
penny to the deficit. we should put together something like a simpson/bowles commission. right now it's going to last for another 22 years untouched, but let's make sure it's stronger, longer. but when it comes to the other entitlement programs, medicare and medicaid, we've got to make certain that we preserve these basic programs, not to go the route of the paul ryan voucherizing, leaving senioring vulnerable for health insurance they cannot find or cannot afford. but make sure we change the program to save the money, reduce the increase in health care costs. medicaid is the one i'll add, joe, that concerns me the most. it has the least politically articulate constituency. these are the poorest people in america. we've got to make sure at the end of the day, we protect the children, mothers with babies, and particularly the frail elderly being covered by medicaid. we can make changes there and preserve the basic integrity of these programs. >> well, of course, people in medicaid don't have the aarp fighting for them day in and day out, running 30-second ads. isn't that one of the gre
to talk about comprehensive tax reform and talk about spending cuts and talk about debt and deficit reduction. pulling out an isolated piece like raising rates or taking a mortgage interest deduction or whatever it may be, it doesn't serve a purpose. you have to look at the entire problem. if you don't do that, we're all dead. >> where does norquist fit in? has your own view on the pledge evolved? >> i'm not for increasing tax rates. i'm for reforming the code, raising the base upon which those rates might be applied. i'm not for raising the rates. >> why is this attracting a -- why is revenue in general attracting the share of the debate? i heard complaints that say we're not giving due attention to reform, to entitlements. is it just that taxes are sexy, is that it? >> if the media would stop asking about it we could talk about comprehensive reform of entitlements and of spending. it's a complicated, complex process. if you pull out one part of it and have a debate over that part, you're redirecting america's focus from where it ought to be which is comprehensive reform of spendin
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